Welcome!

News Feed Item

New Law Protects Pennsylvanians Recovering Lost Money and Items

Unclaimed Property "Finders" Will Be Subject to State Approval and Oversight

HARRISBURG, PA--(Marketwired - August 04, 2014) - At the urging of state Treasurer Rob McCord, legislation enacted this month will guard Pennsylvanians against fraud and deceptive practices when they employ a service to help them claim their money or property that has been turned over to the state.

With changes made through the Fiscal Code bill (Act 126 of 2014), new sections were added to the state's unclaimed property law allowing the Treasury to oversee those who for a fee assist others in locating and recovering unclaimed property -- commonly known as "finders." People engaging in that business will be required to apply for approval, register, and remain subject to Treasury oversight. McCord stressed that Pennsylvanians, businesses and other organization can always claim their property for free directly from the state Treasury Department.

"The vast majority of finders operate within the law, and they can provide a valuable service to some people who may either not know they have unclaimed property, or need help to retrieve it," McCord said. "Unfortunately, however, a relative few take advantage of those who are not fully aware of their rights."

Under long-standing Pennsylvania law, finders are permitted to charge up to 15 percent of the amount they help to claim. Treasury has regularly seen instances, however, of some finders charging a higher percentage, illegally adding additional fees on top of the allowable percentage, or fraudulently claiming the money or property themselves and passing only a small portion on to the rightful owner.

"We've seen some heartbreaking examples of people who desperately could have used the money they had coming to them, but instead sacrificed an excessively large share of it to an unscrupulous finder," McCord said.

McCord reiterated that for no charge, anyone can contact the state Treasury to check if they have unclaimed property, and initiate a claim. They can do so by visiting www.patreasury.gov or by calling toll free at 1-800-222-2046 Monday through Friday, 7:30 a.m. to 4:30 p.m. where a member of Treasury's Return Team will assist them.

Actions of some finders operating outside the law have required Treasury investigators and legal staff to invest considerable time and resources aiding and protecting citizens who have been defrauded, including making court appearances on some occasions. Often, Treasury staff has been forced to pursue cases that involve repeat offenders. McCord approached the legislature this year with suggested remedies that would permit Treasury to crack down on illegal operators while not heavily burdening those who abide by the law.

Under the new provisions, no person may act as a finder without first applying for and receiving a certificate of registration with the state Treasury. When submitting an application, finders will have to attest under penalty of perjury that they have not been convicted of a felony or certain other criminal offenses within 10 years and that they are not under investigation for such crimes, and agree to a background check to verify the information. Treasury will issue a registration certificate and number valid for two years, after which registration can be renewed. Treasury can also revoke, suspend or refuse to renew a registration under certain conditions and after due process. Finders violating the law will be subject to fines of up to $1,000 for a first offense and up to $5,000 for a subsequent offense. (More detail about the new sections of the law can be viewed here.)

Under the unclaimed property law, which was first enacted in 1929, Treasury each year receives millions of dollars in unclaimed property in the form of abandoned bank accounts, forgotten stocks, unclaimed insurance benefits, uncashed checks, contents of safe deposit boxes, and other sources of money or tangible items. 

Since January 2009, the McCord Treasury has received $1.3 billion in property and returned more than $572 million to rightful owners.

For more information, visit www.patreasury.gov.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo Silicon Valley Call for Papers is now open.
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
SYS-CON Events announced today that Carbonite will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Carbonite protects your entire IT footprint with the right level of protection for each workload, ensuring lower costs and dependable solutions with DoubleTake and Evault.
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...